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To: Jack T. Pearson who wrote (38104)	12/15/2000 1:20:01 AM
From: Les H	Respond to of 42787

He watches the Wilshire 5000. He gave the neutral bias tip when the Wilshire had reached the 20% correction area of 11,900.

To: Jack T. Pearson who wrote (38104)	12/15/2000 8:28:49 AM
From: Fundamentls	Respond to of 42787

The only indicator that hasn't budged much is unemployment. True, and unemployment is a lagging indicator of the economy, a fact Greenspan is well aware of, and I doubt if he looks at it other than to confirm that it supports his general beliefs about where the economy is or has been. Layoffs lag decreases in production, overtime pay, and income by several months, and the survey is several weeks old when it's released. AG and the Fed staff pay much more attention to leading and coincident indicators, like the purchasing manager's survey, the Michigan consumer sentiment index, retail sales, etc. If they were focusing on employment, it would likely be on those employment stats that are decent leading indicators, like help wanted advertising, or coincident ones, such as new claims for unemployment compensation. Regards, Fund